Starting a child’s Saving Account is the perfect way to start them on the road to financial success. Teaching our younger generation the correct way to manage money is highly important. What many people fail to realize is that money management is not a standard part of the elementary or high school curriculum. It is up to parents to make sure their children have a solid financial foundation, pick up smart money habits early and even learn from our mistakes. It can be tough to learn about money when you don’t have any. Giving kids an allowance makes an abstract concept real and allows them to test smart – and sometimes, not so smart – money strategies. If you’re not sure how much to give your child, a good starting point is $1 per year of age, per week. You can make adjustments based on your situation – and your child.

When you think your child is ready, it is a good idea to open up a Savings account in his or her name. Putting money into a Savings account will help your child resist the temptation to spend needlessly and gives you the opportunity to teach him or her about the power of interest. It’s also fun for kids to watch their money grow in their own account – much like filling a coin jar all the way up to the top. Children learn by using observation, which is why we encourage you to set a great example and come open up a Savvy Savers Club Account for your child today.